No additional budgetary measures are needed to reach the deficit target next year, the Finance Ministry insists.

Reacting to the conclusions of the Eurogroup meeting on Monday that included recommendations for additional measures, a ministry spokesman said the proposals were based on the draft Budget presented in October.

The document submitted to the European Commission did not include the €28 million in revenue the government planned to collect from higher excise taxes. The revenue-raising measures were included in Budget 2015 presented in November. Brussels did not consider the actual Budget in its assessment as this was announced after the cut off date set for reporting.

Under rules introduced last year, the European Commission analyses the budgets of member states to ascertain that fiscal targets are in line with the aims of the stability and growth pact.

The Eurogroup proposals were based on the draft Budget from October

Although the Eurogroup met after Budget 2015 was presented in Parliament, the conclusions reached were still based on the Commission’s assessment of the draft Budget. However, the Eurogroup noted that the Commission’s forecasts did not incorporate the consolidation measures included in the actual Budget, the ministry spokesman said.

He added the discrepancy resulting from the timing of the presentation of the Budget was also noted by the president of the Eurogroup during the meeting: “He [the Eurogroup president] said Malta’s case is very specific in relation to the exclusion of these budgetary measures [the €28 million tax hike]... Malta has since adopted its Budget.”

The spokesman said the government was confident Budget 2015 would lead to the required structural effort to reduce the deficit as planned.

Malta is considering bringing forward the Budget announcement date next year to avoid confusion and ensure the Commission’s assessment is based on the actual Budget.